Life Estate Remainder Interest
Your asset is what is described as a remainder interest in the property. The property becomes yours on your mother's death. The arrangement can be revoked by the execution of a Deed which would require your signature and your mother's signature.
This is the answer I received from a previous post. My follow up is what is the formula for calculating remaining interest?
Asked on 5/09/08, 2:24 pm
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Life Estate Remainder Interest
The IRS has an actuarial table to calculate the value of the life estate and remainder interest. It is based on your mother's age. You can get the table at the IRS web site.
Answered on 5/10/08, 9:33 am
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